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Graham Neale of Grande Portage Resources talks to Eric Coffin | Metals Investor Forum Sept. 2026

Metals Investor Forum Sep 25, 2026 11:13

Summary

DSO (Direct Ship Ore — shipping whole ore off-site for processing) trims the permitting footprint of high-grade projects like New Amalga.

FAST-41 (US federal permitting program with mandated timelines) gives New Amalga's Forest Service review a 1-2 year clock from Q1 2027.

Backed by a $6M Ocean Partners offtake and undisclosed major shareholders, Grande Portage faces no near-term financing need, the host argues.

The guest argues DSO's smaller physical footprint removes the mill, tailings, and chemicals that typically slow gold permitting in Alaska.

Eric Coffin argues GPG is undervalued given the rare combination of 9 g/t grade, near-surface geometry, and a defined permitting path.

Eric Coffin's takeaways

  • Top takeaway Argues GPG is undervalued and that the Fast 41 process should let the market re-rate it by replacing open-ended permitting risk with a structured, transparent timeline
  • Frames the 9 g/t grade and proximity to existing infrastructure as rare features he says the market is failing to credit, calling the project a 'no-brainer' story

Graham Neale's takeaways

  • Top takeaway Frames the DSO pivot as primarily a location-driven decision — being about 4 miles from a paved highway and a mining-supportive town — that lets the project skip a mill, tailings facility, and most on-site chemical processing
  • Walks through how Fast 41 works in practice: a kickoff meeting was held several weeks before recording, a follow-up meeting with reviewing agencies was held the day of recording, and the speaker expects a Q2 2029 decision after the Q1 2027 submission, citing mandated one-year EA / two-year EIS timelines
  • Points to a roughly 15-year working relationship with the local US Forest Service district office, arguing the agency already understands the project and Grand Portage's intent to minimize impacts
  • Confirms the Ocean Partners offtake on New Amalga and says the company is well-financed, with multiple major shareholders writing checks around $10M, so financing is not a near-term concern
  • Highlights ongoing infill and step-out drilling and several untested veins with surface values similar to the resource as the basis for expecting the deposit to grow, while reiterating that most resource zones remain open along strike and at depth